Mistake #1 Seeking comfort, not freedom
Comfort is the enemy of abundance. The most dangerous element of finances is settling. It’s the middle-class mentality. The entire middle class is built upon settling on comfort, on just enough. More is the mantra to wealth. Comfort isn’t even on the menu. Make freedom your focus.
Mistake #2 Diversification
I know you have been sold this idea of diversifying your investments. It’s a lie put on you from Wall Street because Wall Street benefits when you diversify. The truth is if you have 100 different investments you need someone else to manage them. That’s why Wall Street has sold you on diversification. Andrew Carnegie said, “Take all your eggs and put them in one basket, and watch that basket! The super rich go all-in on one or two bets. They don’t have a thousand investments — not in the beginning.
Mistake #3 Depending on One Income Flow
Don’t diversify your investments, but make sure you get multiple flows of income when you are building wealth. Investments are not income. Income is what you are living on. When I say income I’m not just talking about money coming in — I’m talking about opportunities as well. Never depend on one flow of traffic no matter how big it is. I know people who make $300K or $400K but it is all income — they don’t have investments and they are not wealthy. When that income stops, they are going to be in trouble. It’s rich for a moment, but to create real wealth you must make investments that will create dependable income streams or flows over long periods of time.
[Source: Grant]
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